Hi, not sure what I'm doing wrong, i did P=300, I=0.06 , n=20 , A1= 300(1.06) ---> A20 = 300(1.06)^20
Jane’s mother puts $300 into an account
at the beginning of each year to pay for
Jane’s education in 5 years’ time. If 6%
p.a. interest is paid quarterly, how much
money will Jane’s mother have at the
end of the 5 years?
Sorry I am also struggling with this question - thank you!
27. Scott borrows $200 000 to buy a house.
If the interest is 6% p.a. and the loan is
over 20 years,
(a) how much is each monthly
repayment?
(b) how much does Scott pay altogether?
A farmer borrows $50 000 for farm
machinery at 18% p.a. over 5 years and
makes equal yearly repayments on the
loan at the end of each year.
(a) How much does he owe at the end
of the first year, just before he makes the
first repayment?
(b) How much is each yearly repayment?